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Discrete Dynamics in Nature and Society
Volume 2014 (2014), Article ID 308626, 6 pages
http://dx.doi.org/10.1155/2014/308626
Research Article

Analysis on the Impact of the Fluctuation of the International Gold Prices on the Chinese Gold Stocks

1School of Economics & Management, Northwest University, Xian 710127, China
2School of Finance, Zhejiang University of Finance and Economics, Hangzhou 310018, China

Received 14 March 2014; Revised 18 June 2014; Accepted 30 June 2014; Published 21 July 2014

Academic Editor: Fenghua Wen

Copyright © 2014 Jiankang Jin et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Five gold stocks in Chinese Shanghai and Shenzhen A-share and Comex gold futures are chosen to form the sample, for the purpose of analysing the impact of the fluctuation of the international gold prices on the gold stocks in Chinese Shanghai and Shenzhen A-share. Using the methods of unit root test, Granger causality test, VAR model, and impulse response function, this paper has analysed the relationship between the price change of the international gold futures and the price fluctuation of gold stocks in Chinese Shanghai and Shenzhen comprehensively. The results suggest the fluctuation of the international gold futures has a strong influence on the domestic futures.